How Financially Savvy Are New Jersey Residents?
We all know that many smart people live in New Jersey, but just how financially savvy are we compared to the rest of the country?
The Garden State is a place where money gets talked about a lot. And why not? Everything is so expensive and the taxes are out of control, so when it comes to being smart with our money we must be pretty good at it right?
As it turns out, we are pretty good at it, but we're not the best, at least not according to findings published at Wallet Hub, which ranks New Jersey the eleventh most financially savvy state in America.
Some of the criteria they considered when coming up with these rankings included 'debt and spending rank (we were 10th best), financial literacy rank (NJ was 35th, ouch), credit rank (29th) and savings rank (we came in at #5).
New Jersey also did very well, ranking 2nd for 'lowest total debt as % of median income' just behind our neighbors in New York. So as it turns out, all that thinking about money here in the Garden State puts us in the top quarter of Americans when it comes to financial literacy.
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